ATHENS, Greece, Nov. 12, 2015 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $17.4 million and net loss attributed to common stockholders of $18.8 million for the third quarter of 2015, compared to net income of $7.7 million and net income attributed to common stockholders of $6.3 million reported in the third quarter of 2014.

Time charter revenues were $38.9 million for the third quarter of 2015, compared to $45.1 million for the same quarter of 2014. The decrease in time charter revenues was mainly due to decreased time charter rates in the quarter and was partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet.

Net loss and net loss attributed to common stockholders for the nine months ended September 30, 2015 amounted to $42.2 million and $46.5 million, respectively, compared to net loss and net loss attributed to common stockholders of $4.0 million and $7.7 million, respectively, for the same period of 2014. Time charter revenues were $119.4 million for the nine months ended September 30, 2015, compared to $129.4 million for the same period of 2014.

Delivery of the Newly Built m/v New Orleans and Commencement of Time Charter Contract with SwissMarine

The Company also announced that, on November 10, 2015, through a separate wholly-owned subsidiary, it took delivery of the m/v New Orleans (formerly Hull No. H1364), a 180,960 dwt newly built Capesize dry bulk vessel that the Company entered into an agreement to purchase in April 2015. As previously announced, the m/v New Orleans is time chartered to SwissMarine Services S.A., Geneva, at a gross charter rate of US$11,650 per day minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to about fifteen (15) months. The charter commenced yesterday.

This employment is anticipated to generate approximately US$3.84 million of gross revenue for the minimum scheduled period of the time charter.

Including the newly delivered m/v New Orleans, Diana Shipping Inc.’s fleet currently consists of 42 dry bulk vessels (2 Newcastlemax, 13 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one Capesize dry bulk vessel by mid-November 2015, one new-building Newcastlemax dry bulk vessel during the second quarter of 2016, as well as one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the four vessels not yet delivered, is approximately 4.8 million dwt with a weighted average age of 7.3 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.

Fleet Employment Profile (As of November 12, 2015)

Currently Diana Shipping Inc.’s fleet is employed as follows:

Vessel

Sister Ships*

Gross Rate (USD Per Day)

Com**

Charterers

Delivery Date to Charterers***

Redelivery Date to Owners****

Notes

BUILT DWT

20 Panamax Bulk Carriers

1

DANAE

A

$

7,650

3.75

%

Glencore Grain B.V., Rotterdam

16-Jan-15

16-Dec-15 - 16-Mar-16

1

2001 75,106

2

DIONE

A

$

9,250

5.00

%

RWE Supply & Trading GmbH, Essen

12-Sep-14

26-Nov-15 - 27-Feb-16

2

2001 75,172

3

NIREFS

A

$

7,500

5.00

%

Glencore Grain B.V., Rotterdam

25-Dec-14

25-Nov-15 - 25-Feb-16

3

2001 75,311

4

ALCYON

A

$

7,750

5.00

%

EDF Trading Limited, UK

21-Dec-12

6-Aug-15

4,5

$

7,600

5.00

%

Transgrain Shipping B.V., Rotterdam

22-Aug-15

22-Apr-16 - 22-Jul-16

2001 75,247

5

TRITON

A

$

9,250

5.00

%

Glencore Grain B.V., Rotterdam

24-Oct-14

6-Oct-15

6

$

6,800

5.00

%

28-Oct-15

13-Sep-16 - 28-Dec-16

2001 75,336

6

OCEANIS

A

$

7,200

5.00

%

Glencore Grain B.V., Rotterdam

11-May-15

22-Feb-16 - 22-May-16

2001 75,211

7

THETIS

B

$

8,300

5.00

%

EDF Trading Limited, UK

1-Sep-13

14-Jul-15

$

7,000

5.00

%

Norden A/S, Copenhagen

14-Jul-15

14-Jun-16 - 14-Sep-16

2004 73,583

8

PROTEFS

B

$

6,250

5.00

%

Glencore Grain B.V., Rotterdam

3-Apr-15

3-Mar-16 - 3-Jun-16

2004 73,630

9

CALIPSO

B

$

6,000

5.00

%

China Shipping Bulk Carrier Co., Ltd., Hong Kong

9-Jun-15

9-Apr-16 - 9-Aug-16

2005 73,691

10

CLIO

B

$

4,500

5.00

%

Jaldhi Overseas Pte Ltd, Singapore

1-Jun-15

4-Aug-15

$

6,500

5.00

%

Transgrain Shipping B.V., Rotterdam

4-Aug-15

4-May-16 - 4-Aug-16

2005 73,691

11

NAIAS

B

$

8,500

5.00

%

Bunge S.A., Geneva

3-Sep-14

12-Jul-15

$

6,800

4.75

%

Cargill International S.A., Geneva

12-Jul-15

12-May-16 - 12-Aug-16

2006 73,546

12

ARETHUSA

B

$

7,100

5.00

%

Glencore Grain B.V., Rotterdam

5-Mar-15

5-Feb-16 - 5-May-16

2007 73,593

13

ERATO

C

$

7,100

5.00

%

Glencore Grain B.V., Rotterdam

9-Mar-15

9-Feb-16 - 9-May-16

2004 74,444

14

CORONIS

C

$

5,300

5.00

%

Norvic Shipping North America Inc., Toronto

29-May-15

3-Jul-15

$

6,500

5.00

%

Sandgate Maritime Ltd

3-Jul-15

3-Apr-16 - 3-Jul-16

2006 74,381

15

MELITE

D

$

7,250

5.00

%

Glencore Grain B.V., Rotterdam

29-Jan-15

13-Oct-15

$

7,250

4.75

%

Cargill International S.A., Geneva

13-Oct-15

13-Sep-16 - 13-Dec-16

2004 76,436

16

MELIA

D

$

7,050

5.00

%

Bunge S.A., Geneva

19-May-15

24-Oct-15

$

7,200

5.00

%

Nidera S.P.A., Roma

24-Oct-15

24-Nov-16 - 24-Feb-17

2005 76,225

17

ARTEMIS

$

9,375

3.75

%

Rio Tinto Shipping Pty, Ltd., Melbourne

26-Aug-13

17-Jul-15

7

$

7,500

5.00

%

China Shipping Bulk Carrier Co., Ltd., Hong Kong

16-Aug-15

16-May-16 - 16-Aug-16

2006 76,942

18

LETO

$

7,100

4.75

%

Cargill International S.A., Geneva

19-Jun-15

4-Sep-16 - 3-Jan-17

2010 81,297

19

CRYSTALIA

E

$

15,800

5.00

%

Glencore Grain B.V., Rotterdam

21-Feb-14

29-Aug-15

$

9,000

5.00

%

29-Aug-15

29-Jun-16 - 29-Sep-16

2014 77,525

20

ATALANDI

E

$

8,000

5.00

%

Glencore Grain B.V., Rotterdam

21-May-15

21-Mar-16 - 21-Jun-16

2014 77,529

4 Kamsarmax Bulk Carriers

21

MAIA

F

$

12,000

5.00

%

RWE Supply & Trading GmbH, Essen

29-Sep-14

14-Nov-15

8

$

7,500

5.00

%

14-Nov-15

14-Apr-17 - 14-Jul-17

2009 82,193

22

MYRSINI

F

$

8,250

4.75

%

Clearlake Shipping Pte. Ltd., Singapore

18-Feb-15

18-Dec-15 - 18-Apr-16

9

2010 82,117

23

MEDUSA

F

$

7,450

4.75

%

Clearlake Shipping Pte. Ltd., Singapore

2-Jun-15

2-Apr-16 - 2-Aug-16

9

2010 82,194

24

MYRTO

F

$

9,850

5.00

%

Glencore Grain B.V., Rotterdam

5-Jan-15

5-Dec-15 - 5-Mar-16

2013 82,131

3 Post-Panamax Bulk Carriers

25

ALCMENE

$

6,750

5.00

%

ADM International Sarl, Rolle, Switzerland

13-May-15

13-Feb-17 - 2-Jun-17

2010 93,193

26

AMPHITRITE

G

$

11,300

5.00

%

Bunge S.A., Geneva

15-Aug-14

15-Jul-15

$

7,700

5.00

%

15-Jul-15

30-Apr-17 - 30-Aug-17

2012 98,697

27

POLYMNIA

G

$

7,500

5.00

%

Vroon Dry Cargo Chartering B.V., Breskens

17-Jan-15

24-Nov-15 - 17-Feb-16

2,10

2012 98,704

14 Capesize Bulk Carriers

28

NORFOLK

$

10,250

4.75

%

Clearlake Shipping Pte. Ltd., Singapore

4-Mar-15

4-Apr-16 - 4-Aug-16

9

2002 164,218

29

ALIKI

$

26,500

5.00

%

Minmetals Logistics Group Co. Ltd., Beijing

1-Mar-11

1-Feb-16 - 1-Apr-16

2005 180,235

30

BALTIMORE

$

15,000

5.00

%

RWE Supply & Trading GmbH, Essen

8-Jul-13

8-Jul-16 - 8-Jan-17

2005 177,243

31

SALT LAKE CITY

BCI 4TCs AVG + 3.5%

5.00

%

K Noble Hong Kong Ltd., Hong Kong

7-Feb-15

7-Nov-16 - 7-Feb-17

2005 171,810

32

SIDERIS GS

H

$

10,000

5.00

%

Rio Tinto Shipping (Asia) Pte., Ltd., Singapore

22-Feb-15

22-Dec-15 - 22-Apr-16

2006 174,186

33

SEMIRIO

H

$

10,000

5.00

%

Rio Tinto Shipping (Asia) Pte., Ltd., Singapore

20-Feb-15

20-Feb-16 - 20-Jun-16

2007 174,261

34

BOSTON

H

$

14,250

4.75

%

Clearlake Shipping Pte. Ltd., Singapore

24-Aug-13

9-Aug-15

9

$

13,000

4.75

%

9-Aug-15

25-May-17 - 24-Oct-17

2007 177,828

35

HOUSTON

H

$

12,750

5.00

%

RWE Supply & Trading GmbH, Essen

4-Jan-15

4-Jan-16 - 4-Apr-16

2009 177,729

36

NEW YORK

H

$

12,850

4.75

%

Clearlake Shipping Pte. Ltd., Singapore

17-Dec-14

17-Feb-16 - 17-Jun-16

9

2010 177,773

37

CHURCHILL BULKER

I

-

-

-

-

- - -

11

(tbr. SEATTLE)

2011 179,362

38

P. S. PALIOS

I

$

18,350

5.00

%

RWE Supply & Trading GmbH, Essen

3-Dec-13

18-Sep-15

$

13,000

5.00

%

18-Sep-15

31-Dec-16 - 31-Mar-17

2013 179,134

39

G. P. ZAFIRAKIS

J

$

25,250

5.00

%

RWE Supply & Trading GmbH, Essen

23-Aug-14

14-Feb-16 - 23-Jun-16

2014 179,492

40

SANTA BARBARA

J

$

12,000

5.00

%

RWE Supply & Trading GmbH, Essen

13-Jan-15

13-Dec-15 - 13-Jan-16

2

2015 179,426

41

NEW ORLEANS

$

11,650

5.00

%

SwissMarine Services S.A., Geneva

11-Nov-15

11-Oct-16 - 26-Feb-17

2015 180,960

2 Newcastlemax Bulk Carriers

42

LOS ANGELES

K

$

18,000

5.00

%

EDF Trading Limited, UK

9-Feb-12

9-Dec-15 - 9-Jan-16

2

2012 206,104

43

PHILADELPHIA

K

$

18,000

5.00

%

EDF Trading Limited, UK

17-May-12

17-Jan-16 - 17-Jul-16

2012 206,040

3 Vessels Under Construction

44

HULL DY6006

-

-

-

-

- - -

12

2016 82,000

45

HULL H2548

L

-

-

-

-

- - -

12

(tbn. SAN FRANCISCO)

2016 208,500

46

HULL H2549

L

-

-

-

-

- - -

12

(tbn. NEWPORT NEWS)

2016 208,500

* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.

** Total commission percentage paid to third parties.

*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.

**** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty.

1 Vessel off-hire for drydocking from September 13, 2015 to October 6, 2015.

2 Based on latest information.

3 Vessel off-hire for drydocking from August 9, 2015 to August 21, 2015.

4 In May 2015, owners and charterers mutually agreed to extend the maximum redelivery date.

5 Vessel on scheduled drydocking from August 6, 2015 to August 22, 2015.

6 Vessel on scheduled drydocking from October 6, 2015 to October 28, 2015.

7 Vessel on scheduled drydocking from July 17, 2015 to August 16, 2015.

8 Estimated date.

9 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.

10 Charter includes a one time gross ballast bonus payment of US$237,500.

11 Expected date of delivery to the Company by mid-November 2015.

12 Year of delivery and dwt are based on shipbuilding contract.

Summary of Selected Financial & Other Data (unaudited)

Three months ended September 30,

Nine months ended September 30,

2015

2014

2015

2014

STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):

Time charter revenues

$

38,852

$

45,147

$

119,427

$

129,442

Voyage expenses

3,053

2,568

12,105

7,207

Vessel operating expenses

21,573

21,997

64,695

64,587

Net income / (loss)

(17,396

)

7,742

(42,216

)

(4,033

)

Net income / (loss) attributed to common stockholders

(18,838

)

6,300

(46,543

)

(7,671

)

FLEET DATA

Average number of vessels

41.0

38.4

40.4

37.5

Number of vessels

41.0

39.0

41.0

39.0

Weighted average age of vessels

7.5

6.8

7.5

6.8

Ownership days

3,772

3,537

11,030

10,234

Available days

3,695

3,463

10,798

10,120

Operating days

3,691

3,454

10,697

10,063

Fleet utilization

99.9

%

99.7

%

99.1

%

99.4

%

AVERAGE DAILY RESULTS

Time charter equivalent (TCE) rate (1)

$

9,688

$

12,295

$

9,939

$

12,079

Daily vessel operating expenses (2)

$

5,719

$

6,219

$

5,865

$

6,311

_____________________

(1) Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

(2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Thursday, November 12, 2015.

Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13624218.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

(See financial tables attached)

DIANA SHIPPING INC.

FINANCIAL TABLES

Expressed in thousands of U.S. Dollars, except share and per share data

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)

Three months ended September 30,

Nine months ended September 30,

2015

2014

2015

2014

REVENUES:

Time charter revenues

$

38,852

$

45,147

$

119,427

$

129,442

EXPENSES:

Voyage expenses

3,053

2,568

12,105

7,207

Vessel operating expenses

21,573

21,997

64,695

64,587

Depreciation and amortization of deferred charges

19,274

17,998

56,538

52,212

General and administrative expenses

5,977

6,203

17,874

18,736

Management fees to related party

85

-

85

-

Foreign currency gain

(77

)

(130

)

(558

)

(280

)

Operating loss

(11,033

)

(3,489

)

(31,312

)

(13,020

)

OTHER INCOME / (EXPENSES):

Interest and finance costs

(4,791

)

(2,198

)

(10,684

)

(6,261

)

Interest and other income

834

899

2,635

2,742

Income from derivative instruments

-

-

-

68

Income / (loss) from equity method investments

(2,406

)

12,530

(2,855

)

12,438

Total other income / (expenses), net

(6,363

)

11,231

(10,904

)

8,987

Net Income / (loss)

(17,396

)

$

7,742

$

(42,216

)

$

(4,033

)

Dividends on series B preferred shares

(1,442

)

(1,442

)

(4,327

)

(3,638

)

Net income / (loss) attributed to common stockholders

(18,838

)

6,300

(46,543

)

(7,671

)

Earnings / (loss) per common share, basic and diluted

$

(0.24

)

$

0.08

$

(0.59

)

$

(0.09

)

Weighted average number of common shares, basic

79,562,705

81,745,223

79,462,836

81,864,186

Weighted average number of common shares, diluted

79,562,705

82,065,783

79,462,836

81,864,186

Three months ended September 30,

Nine months ended September 30,

2015

2014

2015

2014

Net income / (loss)

$

(17,396

)

$

7,742

$

(42,216

)

$

(4,033

)

Comprehensive income / (loss)

$

(17,396

)

$

7,742

$

(42,216

)

$

(4,033

)

CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)

(in thousands of U.S. Dollars)

September, 30, 2015

December 31, 2014

ASSETS

Cash and cash equivalents

$

242,520

$

218,901

Other current assets

19,829

19,333

Advances for vessels under construction and acquisitions and other vessel costs

38,275

29,500

Vessels' net book value

1,387,553

1,373,133

Other fixed assets, net

23,585

23,887

Due from related parties, non-current

45,000

50,866

Equity method investment and joint venture

64,764

67,546

Other non-current assets

5,952

3,956

Total assets

$

1,827,478

$

1,787,122

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities, including current portion of long-term debt, net of deferred financing costs, current